The Sherwin-Williams Company, the US-based coatings and paints business, is to acquire Sika’s European industrial coatings arm, based primarily in Vaihingen, Germany.
The transaction for the CHF 75 million business is expected to close early 2022.
The acquired business provides products and solutions largely to specialised customer groups such as steel construction companies or anticorrosion experts. The transaction includes the European industrial coatings business with the main location and manufacturing facility in Vaihingen, Germany. The product range encompasses anticorrosive and fire protection coatings which are mainly sold in Germany, Switzerland, Poland, and Austria.
Sika said its strategic decision to divest its European industrial coatings business was due in part to the arm remaining “a specialized niche within the Sika Group” with customer groups that had “little synergy potential on a Group-wide level”
With Sherwin-Williams, Sika said it was convinced to have found the right long-term owner for the European industrial coatings business. Industrial coatings is a core competence for Sherwin- Williams and the acquired business an important strategic opportunity to drive growth and support the expansion of its market position in Europe.
Ivo Schädler, Sika Regional Manager EMEA, said: “It is of great importance for Sika to have found a good strategic owner for the European industrial coatings business that will continue to invest in the further development of its people and products. Customers can continue to rely on the availability of high-quality products and technical support in the future. Sherwin-Williams is a strong, growing company with the strategic focus on coatings and paints. Within this organisation, the industrial coatings business along with its employees will be in an ideal position to develop and grow to their full potential."